Many arrangements have been proposed for securing of panels to a support wall, however, in the hanging of acoustical panels which are typically laminated glass fiber panels, the prior art hanging systems have primarily relied on a vertical sliding of the panel downwardly into locking members provided on the wall structure. The extent of the vertical movement would be at least about one-half of an inch and resulted in a substantial gap between the panel and the ceiling. Obviously in the hanging of panels it is important to effect a horizontal alignment of the panels as well as vertical alignment to allow the butt connection of panels when suspended on a wall. Thus, the degree of accuracy required in fastening of various components has led to fairly complex systems requiring the accurate location of various hardware applied to the walls and panels.